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Tufton Oceanic Assets Limited
("Tufton Oceanic Assets" or the "Company")
Intention to raise further capital
Tufton Oceanic Assets Limited (ticker: SHIP) announces its intention to raise further capital by way of an offering of C shares in the Company.
Tufton Oceanic Ltd, the Company's investment manager ("Investment Manager"), believes that capital availability for shipping continues to be constrained, and the supply side recovery is continuing and driven by an order book near a 20-year low while secondhand prices in many shipping segments continue to be significantly below depreciated replacement cost. As previously announced, approximately 85 per cent. of the IPO proceeds have been successfully invested in six vessels and the Investment Manager anticipates that the remaining funds will be fully committed before or shortly after the proposed fundraise is closed.
The Investment Manager has identified an attractive pipeline of secondhand vessels and in order to capitalise on these opportunities and grow the portfolio, the Company intends to raise further capital through an issue of C shares, by way of a placing and offer for subscription, to be accompanied by a 12 month placing programme.
A further update is expected towards the end of September.
For further information, please contact:
Tufton Oceanic Limited (Investment Manager) Andrew Hampson Paulo Almeida |
+44 (0) 20 7518 6700 |
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N+1 Singer James Maxwell (Corporate Finance) Alan Geeves, James Waterlow, Sam Greatrex (Sales) |
+44 (0) 20 7496 3000 |
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Hudnall Capital LLP Andrew Cade |
+44 (0) 20 7520 9085 |
About the Company
Tufton Oceanic Assets Limited was established to invest in a diversified portfolio of secondhand commercial sea-going vessels delivering strong cash flow and capital gains to investors. The Company's investment manager is Tufton Oceanic Limited. The Company was admitted to the Specialist Fund Segment of the London Stock Exchange's main market on 20 December 2017.
